What is NEM (XEM)?
New Economy Movement (NEM) is an enterprise-grade solution to power the impending blockchain economy. It is written in Java with a C++ version in the works. It has introduced new features to blockchain technology such as its proof-of-importance (POI) algorithm, multi-signature accounts, encrypted messaging, and an Eigentrust reputation system. The NEM blockchain software is used in a commercial blockchain called Mijin. It is being tested by financial institutions and private companies in Japan and internationally. This system is intended to be an open, customizable blockchain solution for any number of use cases built on top of simple, powerful API calls. The blockchain is secured and transactions are processed by a global network of nodes running the NEM core software, and the network is used as an API Gateway server.
The primary function of the NEM (XEM) is the implementation of what they call the “Smart Asset System”. As a result, this system gives users the ability to implement a customized blockchain for their own specific “smart contract”. The “Smart Asset System” can be broken down into four components:
- Addresses: Containers that hold coins, contracts, deeds, or any business records.
- Mosaics: Custom tokens or other digital items. These could represent something like a coin, or items such as stock shares, reward points or even other currencies.
- Namespaces: Web addresses that prove who you are and also give your assets a home.
- Transactions: Puts your ‘Smart Assets’ into play by allowing you to complete actions such as transferring Mosaics between Addresses or transferring and configuring ownership of Addresses.
Unlike Bitcoin or Litecoin, NEM is not intended to be used as a currency. In addition to the “Smart Asset System”, NEM is one of the most secure and easiest coins to use if you want to create your own coin and offer an ICO to raise funds for a startup. Today the price of NEM is marked as $1.06. The current market cap value is marked $9,560,699,999 and has circulating supply of 8,999,999,999 XEM.
NEM (XEM) – Wallets and how to use it?
A Nano Wallet Simple wallet is a good n safe way to hold your XEM. Download a Nano wallet or Mobile wallet to use your NEM safely.
Download the Nano Wallet v2.0.14
- Send XEM, mosaics, and messages to any address/namespace
- Compatible with OSX, Windows, Linux, and more.
- On-Chain Multisignature and Multi-User Accounts
- Namespaces, Subdomains, and Mosaics
- Apostille Notarization Service
- Changelly Instant Exchange
- Allows upgrading from NCC Wallet
- Integration with Trezor Hardware wallet (Currently only Universal Client offers Trezor Support)
Features of NEM (XEM)
Messaging, which can be done unencrypted/encrypted/hex. A token feature where accounts can hash data to receive a token for proof of existence. Any wallet may interact with any node on the network safely. A large and fairly even distribution which will ultimately lead to the much better market cap.
NEM utilizes a new code designed for transaction efficiency. XEM transactions take about 6 seconds to show up and about 20 seconds to confirm. On the other hand, Bitcoin can take up to an hour or more to confirm transactions. NEM is incredibly scalable. Currently NEM has transaction speeds comparable to Bitcoin, however, when the planned updates go into effect the network could handle in the hundreds if not thousands of transactions per second. In comparison, Bitcoin is only able to handle 4-5 transactions per second.
NEM’s traceability is one big differentiating factor. Unlike its competitors such as Monero, there are no ‘private transactions’ on NEM. For one, traceability will allow security features such as buyer and seller protection to be implemented. This is one of the reasons NEM to be a very secure coin.
How to buy NEM (XEM)?
First, you need to install a wallet on your computer to store your NEM coins. Create a wallet name and a password for the wallet. The users should be careful to not forget the password which is the way to access your coins. As to buy the NEM directly is not an easy process the users can buy bitcoin and exchange it on Coinbase or other exchanges. Buyucoin is the first platform for Cryptocurrencies. It is Simple, Secure and Trusted platform for trading and storing more than 30 cryptocurrencies like Bitcoin, Ethereum, Litecoin, Bitcoin Cash, NEM, NEO, STEEM Etc.
NEM (XEM) Price Prediction 2018
NEM is set to change the blockchains by implementing the amazing POI consensus algorithm, which is a great solution. You can send and receive payments and messages quickly, securely and at low cost on a global scale without the need for a bank account. You can make, buy, sell, or trade assets and goods worldwide. Because of its Features of POI and Spam Blocker, it will surely rise in future.Overstock, Woocommerce accept NEM as payment.With the technology growth and because of features of NEM investors started investing in it.
NEM is barely two years old (at the time this article went to press), but it’s already a highly profitable investment. For instance, the XEM price increased 5,950% year-to-date in 2017. It has reached the seventh in the overall market cap.